New Minnesota budget projection: $2.4 billion deficit

The state's budget outlook crumbled from a $1.5 billion surplus to a projected $2.4 billion deficit in just two months, as the COVID-19 pandemic eats up tax revenue and Minnesota leaders accelerate spending to respond.

Tuesday's budget projection is the first estimate of just how deep a financial hole Minnesota could face. Budget officials predicted state revenue would be $3.6 billion less than anticipated and spending would be $391 million higher, including additional money the Legislature approved since February.

https://www.startribune.com/new-minnesota-budget-projection-2-4-billion-deficit/570208962/